Euro Technical Major Currencies (2011-09-16)

By @ibtimes on

Morning Report

The pair's positive momentum stopped after reaching 1.3910, where this level represents an intraday barrier for yesterday's movement. Trading below this level, which also represents 50% Fibonacci correction as shown above, suggests that the pair could return to continue the downside movement again. Consolidation above the resistance at 1.4050-85 is sufficient to weaken the suggested downside movement.

The trading range for today is among the major support at 1.3600 and the major resistance at 1.4215.

The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.

Previous Report

Weekly ReportSupport1.38101.37751.37101.36651.3630Resistance1.39101.39701.40001.40401.4085RecommendationBased on the charts and explanations above we recommend selling the pair below 1.3915, and take profit in stages at (1.3810 and 1.3710) and stop loss with 4-hour closing above 1.4110 might be appropriate

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